Will President Biden’s budget proposal close crypto tax loopholes?
President Joe Biden’s proposed budget for the upcoming fiscal year introduces a series of regulatory measures targeting the rapidly expanding digital asset market.
These initiatives encompass a range of strategies aimed at harnessing the potential of cryptocurrencies while also addressing tax loopholes that disproportionately benefit the wealthy and major corporations.
Released on the 11th of March, The White House statement read,
“President Biden has fought to build a fairer tax system that rewards work, not wealth.”
Addressing the same, Joe Biden took to X (formerly Twitter) and stated,
“Trump’s $2 trillion tax cut overwhelmingly helped the wealthy, but not the vast majority of the American people. Republicans may not like it, but I will make sure the wealthy pay their fair share.”
